Canada-based Toronto-Dominion Bank is out for more M&A action. The bank recently sold its TD Waterhouse unit to Ameritrade, and bought Northeast-based Hudson United Bancorp to target the high-net worth market.

But Reuters reports that TD Bank has "quite aggressive" plans to grow TD Banknorth through both more acquisitions and organically.

"But we have to digest what we have done," said TD's chief executive officer Ed Clark, according to Reuters. "Then we will be back out looking."

TD Bank shed Banknorth's four fund mutual fund business after acquiring the Northeast bank in September of 2004. Federated Investors picked up the funds, totaling $265.5 million in assets at the time.  

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